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Markets

Saturday, May 16, 1998

	Sensex completes correction, stage set for pre-budget rally On May 15, 1998 the BSE Sensex closed at 3849.80 points. As compared to the close of the previous week the index lost around 173 points. This week the market witnessed major volatility as the index fluctuated wildly. After a torrential decline it was the financial institutions that came to support the market.		Valuations turn attractive again for star performers on bourses The stock markets have once again turned into a hunting ground. The nuclear tests and the sanctions have opened yet another opportunity for discerning investors to step in. Read with some excellent corporate performance, the valuations have turned once again attractive. Take Hero Honda Motors for instance. It announced a whopping 52% increase in net profit for 1997-98.
	Equity funds put up sterling performance The quarter February-April has been an extraordinary one for equity funds - the best quarter since the 1994 bull run. The entire gamut of domestic equity funds (including equity-linked saving schemes), numbered at 128, have posted positive returns. These funds gained an average of 23.52% which translates into an annualised return of 132.81% for one year period.		LIC MF's Dhanvarsha (12) mops up Rs 150 crore LIC Mutual Fund's Dhanvarsha (12) scheme has mobilised over Rs 150 crore. The scheme, which closed for subscription yesterday, has reached the internal target of raising Rs 150 crore. The scheme had collected Rs 70 crore uptil April 30 and in the last 15 days has managed to raise another Rs 80 crore.

Global Telesystems plans preferential allotment to foreign investors
Global Telesystems has decided to make a preferential allotment of 50 lakh equity shares, of Rs 10 each at a price of Rs 100 per equity share. This will help the company raise long-term resources to the tune of Rs 50 crore. The company is allotting equity shares to four Mauritius-based foreign investors -- Goodall Investments, Waverley Investments, Brentfield Holdings and Invcom Investments.

Raasi Cement quotes at a discount to offer price
The excellent "arbitrage" opportunity presented by Raasi Cement has largely gone unnoticed by the market. Market players are unable to explain the reason for such a steep discount to the offer price. At current prices, the possible annualised return could be 150%. Raasi changed hands at Rs 242 on the National Stock Exchange (NSE).

Precious metals flare up on paucity of stock; g'nut oil drifts lower
Indonesia commodity movement stalled
Robusta futures rally on 11-month peak on buying squeeze
Australian commodity market buoyed
Rupee slips further to close at 40.55
FII selling drives Sensex down by 48 points
Madhusudhan Industries promoters to hike stake through warrants issue
Crash in security prices leads to dip in NAVs of open-ended debt funds
HCL Insol launches online software for brokers
Fund managers repose faith on software stocks
Good performance by Crisil despite adverse conditions
Market Briefing
Intron projects loss of Rs 3.86 crore in '98-99
Market likely to remain dull, focus on individual stocks
Primary dealers sell gilts below par in secondary market
Tata Chemicals set to bounce back on bourses
Market Round-Up
Negative returns for Templeton IGF despite consistent investment strategy
Fund Update
Commodity Briefing